Which of the following is true of a promissory note?
A) It is an evidence of repayment of debt.
B) It is a note denying the credit.
C) It is an evidence of extension of credit.
D) It is a note of acknowledgement of debt.

Question

Quizplus · Accepted Answer

A promissory note is a financial instrument that serves as a written promise by one party to pay another party a definite sum of money, either on demand or at a specified future date, thus evidencing the extension of credit.

Which of the Following Is True of a Promissory Note